All Forum Posts by: Michael Veloso

Thank you for information. The only tenant act I can find is from 1951, am I safe to assume there is something newer I should be reviewing.

Good Evening,

I recently acquired my first rental and I was looking for specific rental laws in my area. The property is in New Castle PA and the county does not seem to have anything on their website to reference.  Could anyone who is familiar with the laws share a link or let me know where to find.  Thank you so much.

@Eric Johnson latest update is we need to also pay the wholesalers transfer tax, which requires us to pay double tax in PA.

@Evan Polaski

Thank you so much for your detailed review of the deal. We now know that the deal is under contract for slightly less then we are willing to pay. This led me to believe that the wholesaler may have other buyers but they are all under bidding, hence why they have been waiting on us. We have drawn a line in sand and confirmed we will not sign anything until the inspection is complete and I secure a committment from the bank.

Good Evening Bigger Pockets,

I am currently looking a purchasing my first deal from a wholesaler and we have not had an opportunity to have an inspection done. I read the assignment contract and I do not see any language on ways to get out should there be a problem with the building. Question 1. Should I even consider signing an assignment contract without having an inspection completed and the financing in place? Question 2. Is there any protect for the end buyer on this type of deal?

I understand wholesale is generally as is and I do believe everyone is acting in good faith, but ultimately I am committing to buying something that I might not be able to purchase.

#nervousnewbie

Welcome to BP sir.  I am in Northwest PA but I am also looking to invest in the Southwest.  Pittsburgh has a strong REA that you can find if you search through Facebook.

@Iaroslav Demydovych

Without any additional background with evictions and similar type items, I would lean toward the single lady. 3 adult age children could turn that place into a frat house which would cause damage. I have kids and they can't help themselves sometimes to avoid causing damage to walls.

Good Evening BP,

I am currently looking to place an offer on a 6 unit in Westmoreland County Pa.  The property is in decent condition but it has been owned by the same family for years.  My question is, if we buy the property will the city or county come in to do an inspection and make us bring the house up to code.  I am not over familiar with how that works and I was hoping someone could shed some light. Thank you.

Good Evening,

I am looking to finance my 1st multi family unit and my bank is asking for 20% down, since it's an investment property. Can anyone confirm whether this is a bank specific requirement or if some smaller local banks are willing to allow a smaller down payment. I do not intend to live in there currently, so FHA is out of the question but at the same time I dont want to exhaust all of my savings. Is it better to use the efficiency unit as my person residence and eat the case flow for the year. Currently the efficiency/studio is only renting for 250 per month and it will need some rehab in order to put a tenant in there.

I would also agree about the Northeast Pa area. I have a colleague who has invested there for years and generally finds units in developments so that the HOA fees cover a lot of the day to day for the property. He was a contractor by trade so he found units where value could be added and has done well. I am not familiar with the area but I know that some of the areas require owner residency, so make sure you do your research. Happy Hunting.